REG - Seeing Machines Ltd - Half-year Financial Report
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RNS Number : 4258Y Seeing Machines Limited 27 March 2026
Seeing Machines Limited ("Seeing Machines" or the "Company")
27 March 2026
Half year results and financial report
GSR to accelerate royalty growth as Seeing Machines scales beyond 4.8 million
cars on road
Seeing Machines Limited (AIM: SEE), the advanced computer vision technology
company that designs AI-powered operator monitoring systems to improve
transport safety, today published its unaudited results and financial report
for the six months to 31 December 2025 ("H1 FY2026").
Paul McGlone, CEO of Seeing Machines commented: "We delivered strong
underlying performance in the half, with Automotive royalties growing 33%
alongside a 62% increase in production volumes, and continued expansion in
Guardian driving recurring revenue growth and improved margins.
We are scaling rapidly, with over 4.8 million cars on road, new program wins
across Europe and Japan and increasing Aftermarket momentum. At the same time,
continued innovation, including our 3D Cabin Perception Mapping platform and
impairment detection capabilities, reinforces our technology leadership.
As regulatory adoption accelerates, particularly with GSR in Europe, we expect
further growth in production and royalties and remain on track to deliver
positive Adjusted EBITDA in the second half of FY2026."
FINANCIAL HIGHLIGHTS:
- Adjusted Revenue for H1 FY2026 of US$23.4m (H1 FY2025: US$25.3m)
reflects a decline in non-recurring engineering (NRE) activity in OEM and
removal of certain license revenue as previous exclusivity arrangements
conclude
o Annualised Recurring Revenues ("ARR") increased to US$14.0m (30 June 2025:
US$13.5m) as Guardian connections grew
o Aftermarket revenue of US$12.7m reflects an 18% increase on the previous
year (H1 FY2025: US$10.8m) as Guardian Generation 3 sales flow through
o As previously disclosed, OEM (Automotive and Aviation) revenue was
US$10.7m (H1 FY2025: US$14.5m) as NRE and license fees reduced by US$3.7m and
US$2.1m respectively
§ High margin per vehicle royalty revenue, derived from Automotive production
volumes, increased 33% to US$8.4m (H1 FY2025: US$6.3m)
- Gross Profit decreased slightly in H1 FY2026 to US$13.3m (H1 FY2025:
US$14.0m), however Gross Profit margin increased from 55% to 58% over the same
period driven by sales mix
- Adjusted EBITDA loss improved by US$4.0m to US$13.7m (H1 FY2025:
loss US$17.7m)
- Cash at 31 December 2025 of US$3.4m (30 June 2025: US$22.6m). Post
period end, an accelerated lump sum royalty payment of US$14.1m was received
from a Tier 1 automotive customer under an existing Automotive Program
Guarantee
OPERATIONAL HIGHLIGHTS:
Strong Automotive growth, new program wins and a growing technology leadership
position Seeing Machines for accelerating scale.
Market Leadership
- Cars on road reached 4,818,371 units, up 67% from the previous
period (31 December 2024: 2,883,745 units), reinforcing global leadership in
Driver and Occupant Monitoring System (DMS/OMS) fitment
- Automotive production volumes during H1 FY2026 reached 1,088,530
units, up 62% from 672,323 units in H1 FY2025
- Automotive royalties increased 33% to US$8.4m (H1 FY2025: US$6.3m),
reflecting growing programme maturity and scale
Business Wins
- Expansion of European Tier 1/OEM programme, adding ~US$10m to its
initial lifetime value, supporting semi-automated driving with a start of
production expected in 2028
- New Japanese production award with Mitsubishi Electric Mobility
Corporation and additional OEM development collaboration with another major
Japanese OEM, expected to progress toward formal award in the first half of
CY2026
- Aftermarket momentum:
o US$1.8m Guardian order from North American autonomous vehicle operator
o 1,100-unit fleet order from multinational operator, with expansion
discussions underway
o First US Guardian fleet win with Mitsubishi Electric Automotive America
(MEAA) as the pipeline of opportunities with Mitsubishi Europe progresses
Technology Leadership
- 3D Cabin Perception Mapping successfully debuted at CES 2026,
enabling scalable, real-time in-cabin intelligence for future mobility,
factory automation and robotics
- Launch of impairment detection capability addressing alcohol and
broader non-transient impairment, aligned with US regulatory focus
- Establishment of Future Mobility Group to support autonomous and
next-generation mobility programmes
Outlook and Current Trading:
As GSR implementation approaches, royalties from automotive production volumes
are projected to rise significantly in the upcoming quarters. Seeing Machines
stands to benefit from increased royalty volumes, a broader base of recurring
revenue, and greater operating efficiency as OEMs transition their compliance
strategies into active production. The Company has made good progress to
finance the Convertible Note, which matures in October 2026, and expects to
complete the process by the end of FY2026.
Post period end, Seeing Machines secured a receivables funding facility of up
to A$11 million (US$7.8 million), established to support the Company's working
capital requirements and strengthen cashflow management, particularly in the
context of extended payment cycles for automotive royalties which operate on a
quarterly basis and are paid in arrears.
The Company continues to trade in line with market expectations 1 and remains
encouraged by its ongoing positive momentum. Adjusted EBITDA is expected to be
positive in both Q3 and the second half of FY2026.
The H1 FY2026 Financial Report is now available at
https://www.seeingmachines.com/investors/finance-reports
(https://www.seeingmachines.com/investors/finance-reports)
Enquiries:
Seeing Machines Limited +61 2 6103 4700
Paul McGlone - CEO
Sophie Nicoll - Corporate Communications
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 20 7710 7600
Alex Price
Fred Walsh
Brough Ransom
Ben Good
Singer Capital Markets (Joint Broker) +44 20 7496 3000
James Serjeant
Dan Ingram
Amber Higgs
Russell Cook
About Seeing Machines (AIM: SEE), a global company founded in 2000 and
headquartered in Australia, is an industry leader in vision-based monitoring
technology that enable machines to see, understand and assist people. Seeing
Machines is revolutionizing global transport safety. Its technology portfolio
of AI algorithms, embedded processing and optics, power products that need to
deliver reliable real-time understanding of vehicle operators. The technology
spans the critical measurement of where a driver is looking, through to
classification of their cognitive state as it applies to accident risk.
Reliable "driver state" measurement is the end-goal of Driver Monitoring
Systems (DMS) technology. Seeing Machines develops DMS technology to drive
safety for Automotive, Commercial Fleet, Off-road and Aviation. The company
has offices in Australia, USA, Europe and Asia, and supplies technology
solutions and services to industry leaders in each market vertical.
www.seeingmachines.com (http://www.seeingmachines.com)
Review of Operations
The Group's total Adjusted Revenue for the half-year (excluding foreign
exchange gains and finance income) decreased by 8% and Adjusted EBITDA losses
improved by 23% compared to the six-month period ended 31 December 2024.
31 Dec 2025 31 Dec 2024 Change Change
$'000 $'000 $'000 %
OEM 10,708 14,522 (3,814) (26%)
Aftermarket 12,692 10,785 1,907 18%
Adjusted Revenue 23,400 25,307 (1,907) (8%)
31 Dec 2025 31 Dec 2024 Change Change
$'000 $'000 $'000 %
OEM (7,497) (8,979) 1,482 (17%)
Aftermarket (6,225) (8,733) 2,508 (29%)
Adjusted EBITDA (13,722) (17,712) 3,990 (23%)
Adjusted Revenue and Adjusted EBITDA are non-IFRS measures but included as
important metrics for shareholders understanding of the underlying performance
of the business. Adjusted Revenue includes adjustments linked to minimum
royalty guarantees. Adjusted EBITDA includes earnings before interest, tax,
depreciation, amortisation and adjustments for capitalised development costs,
restructuring and acquisition related costs, certain tax items, and revenue
adjustments linked to minimum royalty guarantees.
Please refer to Note 3(a) for a reconciliation of Adjusted Revenue and
Adjusted EBITDA with their IFRS measures.
OEM division
Seeing Machines continued to strengthen its position in the Automotive Driver
and Occupant Monitoring System (DMS/OMS) market during H1 FY2026. As at the
end of the period, more than 4.8 million vehicles were on road fitted with the
Company's technology, and the Company retained in excess of 50% share of
current production volumes, supported by long‑standing relationships with
global OEMs and Tier 1 suppliers.
Automotive production volumes increased to approximately 1.1 million vehicles
during the half, representing growth of 62% compared with H1 FY2025. Royalty
revenue continued to increase as awarded programs progressed further into
production, reflecting the ongoing transition from development‑phase revenue
toward recurring, scalable royalty income.
The forthcoming implementation of the European General Safety Regulation (GSR)
represents an important structural and scaling driver for the business. From
July 2026, camera‑based DMS will be mandatory for all new vehicles sold in
the European Union. In advance of this requirement, OEMs are accelerating
production schedules through H2 FY2026, which is expected to support further
growth in production volumes.
The Company's technology portfolio, including solutions currently in
production such as the integrated rear‑view mirror offering, as well as
recently announced developments in 3D in‑cabin perception, is expected to
support continued participation in this regulatory‑driven market expansion.
While competition within the market continues to increase, the Company remains
focused on maintaining a strong market position as global fitment rates rise.
The Aviation segment delivered a lower contribution during H1 FY2026,
primarily reflecting timing impacts and organisational changes within key
partner Collins Aerospace. Simulator‑based opportunities continue to
progress, supporting the longer‑term potential for fatigue and impairment
monitoring solutions within the aviation sector.
31 Dec 2025 31 Dec 2024 Change Change
$'000 $'000 $'000 %
Royalties 8,444 6,346 2,098 33%
Non-recurring engineering 1,704 5,381 (3,677) (68%)
Licensing 19 2,130 (2,111) (99%)
Hardware and installations 541 665 (124) (19%)
OEM Adjusted Revenue 10,708 14,522 (3,814) (26%)
OEM Adjusted EBITDA (7,497) (8,979) 1,482 (17%)
• Royalty revenues, derived from the installation of Seeing Machines'
Driver Monitoring System (DMS) technology, increased by 33% compared to the
prior corresponding period, reflecting continued growth in high‑margin
royalty streams.
• Non-Recurring Engineering (NRE) revenue decreased reflecting the
completion of several OEM programs and a corresponding reduction in
engineering activity during the period. This included the conclusion of
certain Asaphus programs following the acquisition, which did not continue
into FY26 after the seller's committed engineering obligations were fulfilled.
While NRE typically attracts a lower margin than royalty revenue, it remains a
key contributor to the Group's strategy by supporting OEM program launches and
driving future royalty streams.
• Revenue from license fees reduced materially, reflecting the conclusion
of specific collaboration and exclusivity arrangements, including the expiry
of the Magna exclusivity provisions in June 2025. Licence fees are generally
unique and one-off in nature.
• Adjusted EBITDA improved, despite lower adjusted OEM revenue overall,
driven by sales mix benefits from a higher proportion of high‑margin
royalties and lower expenses in the period.
Aftermarket division
The Aftermarket business maintained performance during H1 FY2026, with
Guardian Gen 3 established in full production. Revenue was supported by
increased hardware sales volumes and a stable base of recurring monitoring
services revenue, contributing to resilience and predictability of revenue
from the transport sector.
Guardian's growth continues to be supported by a developing global sales
pipeline and strategic partnerships, including the Company's relationship with
Mitsubishi Electric Mobility Corporation, which provides commercial reach and
access to markets across Europe, the United States and Japan.
Regulatory developments in Europe have influenced customer purchasing
behaviour during the period, particularly as customers work through vehicle
homologation requirements. Notwithstanding these near‑term factors, the
Board remains confident in the longer‑term opportunity for Guardian,
including the potential for increased factory‑fit discussions alongside
traditional retrofit deployments. Manufacturing capacity has been scaled in
line with anticipated demand as the sales pipeline continues to mature.
During the first half of FY2026, Seeing Machines announced the establishment
of its Future Mobility Group. This new division builds on the Company's
existing work with Guardian BdMS in autonomous driving applications and is
intended to address the evolving needs of the autonomous vehicle industry, as
well as to pursue additional commercial opportunities as automated vehicle
initiatives continue to develop globally.
31 Dec 2025 31 Dec 2024 Change Change
$'000 $'000 $'000 %
Hardware and installations 4,576 2,273 2,303 101%
Driver monitoring 6,908 6,934 (26) -
Licensing 613 314 299 95%
Non-recurring engineering 595 1,264 (669) (53%)
Aftermarket Adjusted Revenue 12,692 10,785 1,907 18%
Aftermarket Adjusted EBITDA (6,225) (8,733) 2,508 (29%)
• Hardware and installation revenue from the sale and installation of
Guardian units increased by 101%, driven by higher volumes associated with the
rollout of the new Generation 3 product across key Aftermarket customers.
• Driver monitoring revenue represents the high margin recurring revenue
generated from Guardian connections with revenue. Growth in monitored units in
APAC was offset by reduced volumes in Latin America, resulting in flat
monitoring revenue for the half-year compared to the prior corresponding
period, but representing 4% growth compared to H2 FY2025.
• Licensing revenue increased by 95%, reflecting support and maintenance
services earned during the half‑year under the licensing agreement with
Caterpillar entered into in June 2024. The nature of licensing revenue means
that it is typically linked to specific contractual arrangements and can vary
between periods.
• Non-recurring engineering revenue relates to technology development and
consulting projects undertaken with Caterpillar. Revenue decreased by 53%
compared to the prior corresponding period, reflecting lower levels of
engineering activity as certain projects progressed through completion.
• Adjusted EBITDA losses improved by 29% for the period, driven by a higher
mix of high‑margin revenue and lower costs compared to the prior
corresponding period.
Gross Profit
Gross profit decreased across the Group from $14,026,000 in H1 FY2025 to
$13,330,000 in H1 FY2026. Gross profit margin, however, increased from 55% to
58% over the same period. The improvement in gross margin was largely driven
by sales mix changes compared to the prior half‑year, including a higher
proportion of high‑margin royalty revenue and improved hardware margins
associated with increased sales of the Guardian Generation 3 product.
Expenditure
31 Dec 2025 31 Dec 2024 Change Change
$'000 $'000 $'000 %
Research and development expenses 10,997 13,360 (2,363) (18%)
Customer support and marketing expenses 4,103 4,018 85 2%
Operations expenses 7,639 6,956 683 10%
General and administration expenses 4,808 8,127 (3,319) (41%)
Net foreign exchange (gains)/losses 202 (75) 277 (369%)
Adjusted operating expenses * 27,749 32,386 (4,637) (14%)
Depreciation and amortisation 6,814 5,855 959 16%
Capitalised development costs during the period (2,415) (8,663) 6,248 (72%)
Operating expenses 32,148 29,578 2,570 9%
*Adjusted operating expenses is a non-IFRS measure but included as an
important metric for shareholders understanding of the underlying performance
of the business. Adjusted operating expenses exclude depreciation and
amortisation expense and include capitalised development costs.
Operating expenses for the half‑year reflect the full‑period impact of
restructuring and organisational changes implemented during FY2025, which
resulted in a structurally lower ongoing cost base in the current period. This
is evidenced by a reduction in headcount on a December‑to‑December basis,
with headcount decreasing from 455 at 31 December 2024 to 353 at 31 December
2025 following completion of the restructuring program. By contrast, the
comparative prior half‑year largely reflects the pre‑restructure headcount
for the majority of the period, with only a partial benefit from these actions
realised late in that period.
Comparability between periods is also affected by changes in organisational
structure and cost allocation, following the appointment of a Chief Operating
Officer. During the period, certain functions, including Information Systems
and Quality, were realigned from General and Administration to Operations to
better reflect management accountability and operational oversight. These
changes did not require reclassification of prior period amounts. There was no
impact on total operating expenses, operating loss, or reported profit or loss
for any period.
Adjusted operating expenses in the prior period included higher one‑off
costs, comprising restructuring expenses of $530,000 and acquisition‑related
costs of $95,000. In the current period, one‑off costs were lower at
$115,000 relating to restructuring expenses. Excluding these one‑off items,
the reduction in adjusted operating expenses primarily reflects the structural
reduction in the ongoing cost base following the March 2025 restructuring.
Capitalised development costs were lower in the current period, reflecting the
completion of several major customer‑awarded development programs within the
OEM business and a transition period prior to the commencement of new awarded
programs. During this period, development activity was primarily research or
preparatory in nature and did not meet the criteria for capitalisation under
the Group's accounting policy. As a result, a lower proportion of development
expenditure was capitalised compared to the prior period.
Result for the half-year
As a result of above factors, the loss for the half-year ended 31 December
2025 increased by $4,219,000 to $22,456,000 (H1 FY2025 loss: $18,237,000).
Working capital management
After adjusting for the receipts from one-off licensing arrangements,
cashflows from operating and investing activities have improved for the
half-year.
31 Dec 2025 31 Dec 2024
$'000 $'000
Net cash flows used in operating activities (15,428) (7,171)
Net cash flows used in investing activities (2,567) (8,757)
Net cash flows used in operating and investing activities (17,995) (15,928)
Less: cash from one-off licensing arrangements - (3,750)
Adjusted cashflows * (17,995) (19,678)
* Adjusted cashflows is a non‑IFRS measure included to assist shareholders
in understanding the underlying cash performance of the business. Adjusted
cashflows exclude cash receipts from one‑off licensing arrangements, which
are not reflective of recurring operating performance.
The decline in reported operating cashflows compared to the prior
corresponding period was primarily driven by working capital movements and the
absence of significant non‑recurring cash receipts recorded in the prior
period, rather than a deterioration in underlying operating performance.
The prior corresponding period benefited from significant non‑recurring cash
receipts, most notably the final exclusivity payment of $3,750,000 from Magna,
which did not recur in the current half‑year.
In addition, operating cash flows in the prior corresponding period benefited
from the collection of trade receivables that had built up at the end of
FY2024, reflecting the timing of elevated hardware sales in the second half of
FY2024, including the sell-down of remaining Guardian Generation 2 hardware,
and the settlement of a long-term outstanding Automotive receivable balance.
These factors resulted in elevated amounts outstanding at the end of FY2024
that were then received and included in customer receipts in the first half of
FY2025.
Cashflows from investing activities improved due to lower capitalised
development expenditure during the period, reflecting the development cycle
timing described in the Expenditure section above. To the extent development
costs were not capitalised, these costs were incurred through operating
cashflows, primarily within wages and related employee costs.
Excluding cash received from one‑off licensing arrangements, Adjusted
cashflows improved by $1,683,000 during the half‑year. This improvement was
primarily driven by the impact of cost‑reduction initiatives implemented in
FY2025, including workforce reductions and tighter cost controls across
operations and development functions. These actions resulted in a lower
ongoing cash cost base during the period.
Working capital performance also benefited from improved cash‑collection
discipline, with trade receivables lower at 31 December 2025 compared to 31
December 2024 and days sales outstanding improving on a
December‑to‑December basis. This improvement was partially offset by an
increase in inventories, reflecting higher stock holdings to support
operational requirements.
Interim Consolidated Statement of Financial Position - Unaudited
As at 31 December 2025
Note 31 Dec 2025 30 Jun 2025
$'000 $'000
Assets
Current assets
Cash and cash equivalents 5 3,414 22,556
Trade and other receivables 6 7,434 9,079
Contract assets 10 11,140 8,089
Inventories 7 7,005 4,614
Other financial assets 221 308
Other current assets 2,817 2,611
Total current assets 32,031 47,257
Non-current assets
Contract assets 10 3,490 6,253
Property, plant and equipment 8 2,641 2,634
Right-of-use assets 2,371 3,014
Intangibles 9 68,397 71,621
Other financial assets 609 521
Total non-current assets 77,508 84,043
Total assets 109,539 131,300
Liabilities
Current liabilities
Trade and other payables 11 8,263 10,162
Contract liabilities 10 6,103 4,329
Borrowings 13 54,425 -
Lease liabilities 12 1,364 1,430
Provisions 5,129 4,718
Deferred consideration 1,070 1,177
Total current liabilities 76,354 21,816
Non-current liabilities
Contract liabilities 10 6,768 7,943
Borrowings 13 - 51,315
Lease liabilities 12 2,261 2,856
Deferred tax 474 791
Provisions 211 292
Deferred consideration 2,274 3,027
Total non-current liabilities 11,988 66,224
Total liabilities 88,342 88,040
Net assets 21,197 43,260
Equity
Contributed equity 17 272,188 272,188
Other equity 14 5,582 5,582
Accumulated losses (264,518) (242,062)
Reserves 7,945 7,552
Total equity 21,197 43,260
The above interim consolidated statement of financial position - unaudited
should be read in conjunction with the accompanying notes
Interim Consolidated Statement of Comprehensive Income - Unaudited
For the half-year ended 31 December 2025
Note 31 Dec 2025 31 Dec 2024
$'000 $'000
Sale of goods 4,915 2,614
Royalty and license fees 8,569 8,789
Services revenue 9,408 13,904
Revenue 3 22,892 25,307
Cost of sales (9,562) (11,281)
Gross Profit 13,330 14,026
Operations expenses (8,767) (8,091)
Research and development expenses (14,268) (9,417)
Customer support and marketing expenses (4,103) (4,018)
General and administration expenses (4,808) (8,127)
Net foreign exchange gains/(losses) (202) 75
Expenses 4 (32,148) (29,578)
Operating loss (18,818) (15,552)
Finance income 150 483
Finance costs (4,104) (3,448)
Finance costs - net (3,954) (2,965)
Loss before income tax benefit (22,772) (18,517)
Income tax benefit 316 280
Loss after income tax benefit for the half-year attributable to the owners of (22,456) (18,237)
Seeing Machines Limited
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations 14 (21)
Other comprehensive income/(loss) for the half-year, net of tax 14 (21)
Total comprehensive loss for the half-year attributable to the owners of (22,442) (18,258)
Seeing Machines Limited
Cents Cents
Basic loss per share 16 (0.4568) (0.3712)
Diluted loss per share 16 (0.4568) (0.3712)
The above interim consolidated statement of comprehensive income - unaudited
should be read in conjunction with the accompanying notes
Interim Consolidated Statement of Changes in Equity - Unaudited
For the half-year ended 31 December 2025
Contributed Other Accumulated Foreign Currency Translation Employee Equity Benefits & Other Total Equity
Equity Equity Losses Reserves Reserve
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2025 272,188 5,582 (242,062) (13,842) 21,394 43,260
Loss after income tax benefit for the half-year - - (22,456) - - (22,456)
Other comprehensive income for the half-year, net of tax - - - 14 - 14
Total comprehensive income/(loss) for the half-year - - (22,456) 14 - (22,442)
Transactions with owners in their capacity as owners:
Share-based payments - - - - 379 379
Balance at 31 December 2025 272,188 5,582 (264,518) (13,828) 21,773 21,197
Contributed Other Accumulated Foreign Currency Translation Employee Equity Benefits & Other Total Equity
Equity Equity Losses Reserves Reserve
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2024 240,948 5,582 (216,796) (13,844) 21,093 36,983
Loss after income tax benefit for the half-year - - (18,237) - - (18,237)
Other comprehensive loss for the half-year, net of tax - - - (21) - (21)
Total comprehensive loss for the half-year - - (18,237) (21) - (18,258)
Transactions with owners in their capacity as owners:
Share-based payments - - - - 106 106
Contributions of equity, net of transaction costs 31,240 - - - - 31,240
Balance at 31 December 2024 272,188 5,582 (235,033) (13,865) 21,199 50,071
The above interim consolidated statement of changes in equity - unaudited
should be read in conjunction with the accompanying notes
Interim Consolidated Statement of Cashflows - Unaudited
For the half-year ended 31 December 2025
Consolidated
Note 31 Dec 2025 31 Dec 2024
$'000 $'000
Cash flows from operating activities
Receipts from customers (inclusive of GST) 26,009 42,178
Payments to suppliers and employees (inclusive of GST) (41,581) (49,649)
Interest received 150 481
Transaction costs relating to acquisition of subsidiary - (95)
Interest and other finance costs paid - (42)
Income taxes paid (6) (44)
Net cash used in operating activities (15,428) (7,171)
Cash flows from investing activities
Payments for property, plant and equipment 8 (75) (95)
Payments for intangible assets (patents, licenses and trademarks) 9 (77) (21)
Payments for intangible assets (capitalised development costs) 9 (2,415) (8,663)
Maturity of term deposits - 22
Net cash used in investing activities (2,567) (8,757)
Cash flows from financing activities
Proceeds from issue of shares 17 - 32,752
Repayment of lease liabilities (959) (597)
Net cash from/(used in) financing activities (959) 32,155
Net increase/(decrease) in cash and cash equivalents (18,954) 16,227
Cash and cash equivalents at the beginning of the financial half-year 22,556 23,361
Effects of exchange rate changes on cash and cash equivalents (188) 54
Cash and cash equivalents at the end of the financial half-year 3,414 39,642
The above interim consolidated statement of cashflows - unaudited should be
read in conjunction with the accompanying notes
1 Consensus expectations for FY2026 are for revenue of US$79.7, Adjusted
EBITDA of US$(3.9)m
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